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RBS Investigation (1) (8/06/2016) (R013083)

Royal Bank of Scotland – Investigation (1) (R013083)

Thank you for your e-mail of 12 May 2016 in which you requested the following information under the Freedom of Information (Scotland) Act 2002 (FOISA):

“Can i please have a breakdown of the costs of the investigation into the Royal Bank of Scotland that was carried out by or on behalf of the Crown Office?

Please can you ensure it includes travel costs and expenses, the dates of travel, reason for travel, and names of those who travelled and their roles.

According to the Crown Office the investigation lasted 5 years, as such can I please have the information for the entirety of the investigation.

If I need to ask a different agency for this information please let me know as soon as possible.”

The failure of RBS is an issue of great public concern. The Crown undertook a thorough, independent investigation following publication of the FSA (now FCA) report in December 2011.

The Crown's investigation focussed on the rights issue of April – June 2008, and involved detailed consideration of whether there was any evidence of criminal conduct associated with the rights issue. If there were such evidence those responsible would face prosecution. If not, the public in Scotland could be reassured that the matter had been properly investigated. This was an extremely complex investigation which included the examination of over 160,000 documents by a team of specialist forensic accountants and banking experts, supervised by the Serious and Organised Crime Division. The investigation involved close co-operation with a range of financial regulators and banking institutions, including the Financial Conduct Authority, the Prudential Regulation Authority, the Federal Reserve Bank of New York, the Serious Fraud Office and the Financial Reporting Council.

Following careful examination of all the evidence seen to date, Crown Counsel have decided that there is insufficient evidence in law of criminal conduct either in relation to RBS as an institution or any directors or other senior management involved in the rights issue.

If any further evidence comes to light which is relevant to this enquiry it will be considered by the Crown and we reserve the right to make further enquiry, if considered appropriate.

We do endeavour to provide information whenever possible.  However, with regard to

your request, the Crown Office and Procurator  Fiscal  Service  (COPFS)  does  not  routinely  collate  the  total  costs  associated with investigating individual complaints  and  I  can  therefore  confirm  in  terms  of  Section 17  of FOISA that COPFS does not hold the information you have requested.  However, what we can provide are detals of the costs of the services provided by the accountancy firm who assisted with the investigation.  From invoices submitted by this firm the total cost of their services which included Specialist IT and Security Support amounted to £3,050,349.00 (ex VAT) which covered a period of 2,004.6 days.